The glossary of terms is arranged alphabetically. Click on the letters below to find terms beginning with that letter.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Feedstock Gas: Gas used as a raw material for its chemical properties in creating an end product (like plastics and fertilizer).
Firm Recallable Capacity: Firm capacity released, usually to a specific acquiring shipper, subject to the releasing shippers right to recall the capacity, in accordance with previously specified criteria (like unexpectedly cold weather).
Firm Service: The highest quality sales or transmission service offered to customers under a filed rate schedule that anticipates no planned interruption.
Firm service is usually associated with distribution companies that serve residential customers and other "high priority end-users," but can also apply to upstream pipelines and other customers.
Force Majeure: An "Act of God" or unexpected and disruptive event beyond the control of buyer or seller that interferes with a party's ability to perform under a contract. A force majeure event will typically relieve a party from a contractual obligation.
Futures: Standardized contract for the purchase or sale of a commodity that is traded for future delivery under the provisions of exchange regulations.
Futures Options: The holder of a futures option is conferred the right but not the option to buy or sell a specified futures contract at a chosen price. The option holder may purchase a fixtures contract once the contract begins trading at the named price.